D-Wave Quantum Target of Unusually Large Options Trading (NYSE:QBTS)

D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report) was the recipient of some unusual options trading activity on Monday. Stock investors acquired 3,242 call options on the stock. This is an increase of approximately 116% compared to the typical daily volume of 1,501 call options.

D-Wave Quantum Stock Up 1.9 %

NYSE:QBTS traded up $0.03 during trading hours on Monday, reaching $1.63. 13,383,631 shares of the company's stock were exchanged, compared to its average volume of 4,214,360. The firm has a market capitalization of $328.33 million, a price-to-earnings ratio of -3.53 and a beta of 0.96. D-Wave Quantum has a 1-year low of $0.68 and a 1-year high of $2.44. The company has a 50-day moving average of $1.02 and a 200 day moving average of $1.11.

D-Wave Quantum (NYSE:QBTS - Get Free Report) last released its quarterly earnings results on Thursday, August 8th. The company reported ($0.10) earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of ($0.10). The company had revenue of $2.18 million for the quarter, compared to analysts' expectations of $2.88 million. Research analysts forecast that D-Wave Quantum will post -0.4 EPS for the current fiscal year.

Hedge Funds Weigh In On D-Wave Quantum

A number of large investors have recently bought and sold shares of the company. Delta Investment Management LLC purchased a new position in shares of D-Wave Quantum in the 1st quarter valued at about $36,000. Vanguard Group Inc. grew its holdings in shares of D-Wave Quantum by 17.9% in the 1st quarter. Vanguard Group Inc. now owns 1,070,337 shares of the company's stock worth $2,183,000 after acquiring an additional 162,688 shares during the period. Carroll Investors Inc increased its stake in D-Wave Quantum by 44.7% in the 1st quarter. Carroll Investors Inc now owns 30,485 shares of the company's stock valued at $62,000 after purchasing an additional 9,415 shares in the last quarter. Virtu Financial LLC raised its holdings in D-Wave Quantum by 217.0% during the first quarter. Virtu Financial LLC now owns 124,689 shares of the company's stock worth $254,000 after purchasing an additional 85,351 shares during the last quarter. Finally, Instrumental Wealth LLC purchased a new stake in D-Wave Quantum during the first quarter worth $60,000. Hedge funds and other institutional investors own 42.47% of the company's stock.

Analysts Set New Price Targets

A number of analysts have weighed in on QBTS shares. B. Riley initiated coverage on D-Wave Quantum in a research note on Thursday, July 25th. They issued a "buy" rating and a $3.00 price target on the stock. Needham & Company LLC lowered their price target on D-Wave Quantum from $2.50 to $2.25 and set a "buy" rating for the company in a report on Friday, August 9th. Benchmark cut their price objective on shares of D-Wave Quantum from $4.00 to $3.00 and set a "buy" rating on the stock in a report on Monday, August 12th. Westpark Capital restated a "buy" rating and issued a $3.00 target price on shares of D-Wave Quantum in a report on Friday, August 9th. Finally, Roth Mkm cut their price target on shares of D-Wave Quantum from $3.00 to $2.00 and set a "buy" rating on the stock in a research note on Tuesday, August 13th. Six analysts have rated the stock with a buy rating, According to data from MarketBeat, the company has an average rating of "Buy" and a consensus target price of $2.63.

D-Wave Quantum Company Profile

D-Wave Quantum Inc develops and delivers quantum computing systems, software, and services worldwide. The company offers Advantage, a fifth-generation quantum computer; Ocean, a suite of open-source python tools; and Leap, a cloud-based service that provides real-time access to a live quantum computer, as well as access to Advantage, hybrid solvers, the Ocean software development kit, live code, demos, learning resources, and a vibrant developer community.